An undisclosed apartment property in Somerset County — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A developer has sold a Somerset County apartment property for $35 million, in the largest of several newly announced deals by The Kislak Co. Inc.
The undisclosed complex, which has more than 130 units, was among seven multifamily assets or development sites in New Jersey to be marketed recently by the Woodbridge-based brokerage firm. The deals also include:
- The $5.25 million sale of a 1.39-acre development site at 1000 North Ave. in Plainfield
- The $2.955 million sale of 15 units at 532-538 East Front St. in Plainfield
- The $2.9 million sale of a one-acre unapproved development site at 100-112 Main St. in Orange
- The $1.2 million sale of 16 units at 408-410 North 5th in Newark
- The $1.1 million sale of eight units at 96 Eaton Place in East Orange
- The $800,000 sale of eight units at 82-88 Watchung Ave. in North Plainfield
Kislak Vice President Julie Gralla handled the first five assignments, while Executive Vice President Joni Sweetwood completed the last two. Gralla also procured each buyer.
“The market for existing multifamily properties and multifamily development sites remains extremely strong in New Jersey, particularly in the northern and central parts of the state,” Gralla said. “The Somerset County sale is an excellent example. Despite being marketed quietly to a small group of qualified purchasers, we generated offers for the seller that were several million dollars higher than the direct offers he received prior to our engagement.
“This demonstrates the benefits of a transaction being professionally marketed pursuant to an exclusive listing. Additionally, the seller, who was the original developer of the property, appreciated our honest underwriting, which was based on realistic, yet aggressive expectations.”
Gralla said the Plainfield property achieved a price of $197,000 per unit, noting that it “also demonstrates the continued strength of the multifamily market as well as our long-term relationships with aggressive purchasers.”
Additionally, the veteran broker said the one-acre parcel in Orange is in the heart of a redevelopment zone and will be a part of a 300-unit development. Meantime, the 1.39-acre parcel at 1000 North Ave. in Plainfield is approved for the development of 120 apartments and is located directly next to the Netherwood train station.
“I love working on development deals such as those in Orange and Plainfield,” Gralla said. “They are a great opportunity to contribute to the ongoing transformation of the applicable towns and to work with long-term clients who have proven to be savvy development buyers.”